Business tycoon Ahmed Ezz cleared of money laundering case

Cairo’s Criminal Court dropped the final corruption case known as the ‘money laundering’ case against Egyptian business tycoon Ahmed Ezz by applying the reconciliation law on Sunday.

Ezz had previously submitted a request for reconciliation with the asset recovery committee, consequently, the Cairo Criminal Court decided to unfreeze his assets and cancel the previous ruling to ban him from traveling.

The general prosecution had earlier charged Ezz with the laundering of EGP 6.5bn, through the influence of peddling and squandering of public finances.

Earlier in March 2013, the Giza Criminal Court, headed by El-Mohamady Qonsowa, sentenced Ezz to 37 years in prison, in the case publicly known as the ‘steel licenses,’ however all charges were dropped after Ezz reconciled—with the assets recovery committee—chaired by GGeneral Prosecutor Nabil Sadek, in return of paying EGP 1.7bn.